Levloan investors fête Dell, eclipsing high yield market
The leveraged loan market flexed its muscles this week as investors scrambled for US computer maker Dell’s covenant-lite loans. Not only did levloan investors out-compete bond investors, so that a bond tranche was replaced with a loan, but the demand showed just how eager European investors can be for cov-lite paper, although some of the interest will have come from the US.
The company has raised $7.1bn of transatlantic cov-lite loans to back its buyout by founder and CEO Michael Dell and private equity firm Silver Lake Partners.The deal includes the largest euro cov-lite tranche this year. This euro tranche, allocated early on Wednesday, was added to the debt ...
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